Renegotiate interest rate now?

[HeathersFeathers]

First time buyer here , so am new to all this - I am at the final stages of getting a mortgage. Offered one in principle over 3/4 months ago and its moving to completion. For context - reason its taken so long is that its a complicated shared ownership property and there have been many niggles to iron out between the HA and the bank but we are at the final stages and have been told it should move to final approval this week. Now mortgage rates have dropped by 1% - can I renegotiate at this stage or is that not a done thing? Are they likely to say no. Does this really complicate things?

Definitely renegotiate.

Tell them you know rates are lower now and what is the best deal they can offer you? Look at what their competitors are offering as well as better deals they are advertising on their own website

You can but it will put the process back as they will have to restart some aspects.

Has the lender you are with dropped their listed rates for the LTV and term you have applied for? If so you can definitely ask them to update your offer to their current rate, most lenders will be fine with this provided you aren't exchanging shortly. I did this twice with HSBC and it took less than 10 minutes each time, they just swapped the product and sent out a new offer.

If they haven't changed the rate and you're trying to negotiate something bespoke then can't comment, I've not seen anyone do that before!

Update - they lowered it by 0.5 % with no negotiating - I just asked them (now 4.7)
yay!

Excellent! Thanks for the update 😀